The Enforcement of Temporary Restrictive Measures on Transactions of Foreign Banks in case of Emergency First Decree

In addition to the Tenth Decree, the Ministry of Finance of Cyprus has also issued the First Decree on the Enforcement of Temporary Restrictive Measures on Transactions of Foreign Banks dated 25 April 2013. This decree applies for a sixteen day period starting the day of its issue.

The Ministry of Finance explains that, although the current situation in Cyprus justifies the enforcement of restrictive measures, it is not necessary to impose the same restrictive measures on all credit institutions.

The new decree provides ‘Foreign Banks’ the right to provide ‘International Customers’ with exemptions from other decrees issued under the same Law i.e. the ten decrees issued to date and any subsequent decrees.

However, this right is contingent on the Foreign Bank being listed in a special catalogue maintained by the Central Bank of Cyprus (subject to the Foreign Bank meeting a number of conditions) and the Foreign Bank’s International Customer lists submitted to the Central Bank by the Foreign Bank. Furthermore, the decree requires that the Foreign Bank included in the catalogue report all its transactions on a weekly basis to the Central Bank.

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